From the LA Times:
Rising mortgage rates could fuel already hot housing markets
Mortgage rates have risen half a percentage point since setting record lows last fall, and many economists expect them to continue rising for the foreseeable future.
The increase, a reaction to the improving economy and housing markets, could fuel already hot housing markets as potential home buyers look to seal a deal before rates rise any further.
From MSN/Money:
Homebuyers, beware: Mortgage rates are rising
Tuesday’s good economic news about the housing market recovery — with home prices surging at the fastest pace in about seven years — was tempered by a jump in mortgage rates, with averages reaching a 12-month high, according to the Mortgage Bankers Association.
So with all the buzz about housing’s revival, why are mortgage rates rising? Lenders are boosting them because of concern that the Federal Reserve could decide to slow its stimulus policies, which have kept interest rates near record lows.
“Mortgage rates increased to their highest level in a year,” MBA research executive Mike Fratantoni said in the group’s newsletter. “Rates rose in response to stronger economic data and an increasing chance that the (Federal Reserve) may soon begin to taper their asset purchases.”
From Reuters:
Surge in U.S. mortgage rates could force buyers off the fence
Worries the Federal Reserve may begin to slow its stimulus efforts sent U.S. mortgage rates last week to their highest level in a year, a surge that could be a headwind to the nascent housing recovery should they march much higher.
At the same time, the jump in rates appears to have spurred some prospective buyers to lock in cheaper prices while they can, according to data from the Mortgage Bankers Association released on Wednesday.
…
“People who were on the fence, they tend to get a sense of urgency as they see interest rates rise,” said Bob Walters, chief economist at Quicken Loans. Rates averaged between 5 and 6 percent over the last decade, Walters said.
“Henry Hill: You’re a pistol, you’re really funny. You’re really funny.
Tommy DeVito: What do you mean I’m funny?
Henry Hill: It’s funny, you know. It’s a good story, it’s funny, you’re a funny guy.
[laughs]
Tommy DeVito: what do you mean, you mean the way I talk? What?
Henry Hill: It’s just, you know. You’re just funny, it’s… funny, the way you tell the story and everything.
Tommy DeVito: [it becomes quiet] Funny how? What’s funny about it?
Anthony Stabile: Tommy no, You got it all wrong.
Tommy DeVito: Oh, oh, Anthony. He’s a big boy, he knows what he said. What did ya say? Funny how?
Henry Hill: Jus…
Tommy DeVito: What?
Henry Hill: Just… ya know… you’re funny.
Tommy DeVito: You mean, let me understand this cause, ya know maybe it’s me, I’m a little ****ed up maybe, but I’m funny how, I mean funny like I’m a clown, I amuse you? I make you laugh, I’m here to ****in’ amuse you? What do you mean funny, funny how? How am I funny?
Henry Hill: Just… you know, how you tell the story, what?
Tommy DeVito: No, no, I don’t know, you said it. How do I know? You said I’m funny. How the **** am I funny, what the **** is so funny about me? Tell me, tell me what’s funny!
Henry Hill: [long pause] Get the **** out of here, Tommy!
Tommy DeVito: [everyone laughs] Ya mother****er! I almost had him, I almost had him. Ya stuttering pr1ck ya. Frankie, was he shaking? I wonder about you sometimes, Henry. You may fold under questioning.
“Will rising rates push sales even higher?”
I think a rise in interest rates from here would not be much of a headwind. Increased economic health would be the greater force.
Newest Trend: Well-To-Do Hamptons Residents Go ‘Glamping’ In A Trailer Park
Homeowners Rent Out Their Spacious Digs For Big Bucks And Then ‘Rough’ It
May 30, 2013 8:05 PM
http://newyork.cbslocal.com/2013/05/30/newest-trend-well-to-do-hamptons-residents-go-glamping-in-a-trailer-park/
MONTAUK SHORES, N.Y. (CBSNewYork) — As summer approaches, some families are trading their year-round homes in East Hampton, for “trailers.” And it’s all to make some serious cash.
“It’s a piece of paradise. That we live here [is] a blessing to me,” Montauk resident Jeanette Esposito told CBS 2’s Jennifer McLogan on Thursday.
Esposito was talking about the Ditch Plains Trailer Park at Montauk Shores sitting at ocean’s edge — for 200 lucky families, complete with swimming pools and playgrounds.
Some call it “glamping” — or glamour camping.
“We don’t like to refer to them as trailers. Some people have the connotation it is rundown. I would say 90 percent of our residents live elsewhere for most of the year and they spend their summers here,” said Hugh Herbert of Montauk.
And some savvy Hamptonites are taking full advantage, squeezing in for the summer and renting out their sought after luxury million-dollar digs for the season.
Even owners of more modest homes are collecting $50,000 in rent for July and August. They will pay $1,400 a month to lease trailer space at Montauk Shores – quite a profit.
Hamptons realtors said the new trend makes financial sense.
“We are finding a lot more homeowners are putting their houses up for rent, due to paying for college, or economic distress,” said Jacqueline Dunphy of Corcoran Group Real Estate. “We have a place in Montauk called Ditch Plains is a very trendy trailer park. The homeowners go and live in that for whatever time period they’ve rented for.”
The Roupells from England are renting a trendy Hamptons home. Its owner went on a cruise with the cash collected. When asked if they feel they are getting bang for the buck, one said, “We definitely feel we are getting warmer weather than we ever have in London.”
Matthew Bergman lives full time in East Hampton and said he plans to rent his home for the month of August
“It’s just too much money to refuse,” Bergman said.
But the trailer park in Montauk is full and there’s a waiting list for interviews. The trailer park in Montauk has been around for more than 50 years. The people who run the place said this is the first time they remember seeing Hamptons families moving in for the summer.
so yesterday after I posted about ppl selling houses at asking in 3 wk period, the rest of the day waz bout a dude who doesn’t want to walk way from oil tank in ground .
then, waz another buyer one is finding damage on house is about to buy.
neither wanna walk away from the deal either!
what does that tell bout the situation of real estate in nj these days? the worse off are the ‘wine taste on a beer budget’ dreamers. them Won’t be able to buy anything in their lifetimes
so yesterday after I posted about ppl selling houses at asking in 3 wk period
Knowing zero about these properties, what I can tell you were that they were probably priced right. Why? Because overpriced crap is still sitting, make no mistake. Any idiot seller who thinks they are going to unload their mistake at bubble prices and cash out is mistaken. G-man can chime in here.
Inventory is extremely low, but that is compounded by the fact that the low numbers are still loaded with overpriced and undesirable properties, so when something that doesn’t stink comes on the market, it’s scooped up immediately.
I do not believe the frenzy around the good places is going to spread to the crap and overpriced. Buyers are too savvy, and too selective.
For the hot properties, I admit, it’s a little crazy, but look across the street to the cold properties, and its a ghost town, this is entirely different from what was going on during the bubble. There is very little “trickle down demand.”
I’m also seeing places close at prices lower than the past two years, I’m talking double take prices. I saw a good condition cape (new siding, windows, roof, doors, interior updates) in a decent part of a middle tier town sell for $185k. I can find comps for that during the bubble in the mid $400s, that’s a bigger than 50% decline. This place was scooped up in hours. Find a good renter and this place can throw off a 6% yield after expenses.
#4
The oil tank guy did walk after the seller said buyer would be responsible for all cleanup, if necessary. Very wise move, IMO.
[2] Brian,
I’ve been noodling on that cuz I don’t see that happening if it is Fed-driven. If the Fed tapers, shuts off QE, or even raises rates, that is symptomatic of a healthier economy and that will support demand. If it is anticipatory bank action, that will be a headwind to lower end borrowers who suddenly can’t make the nut without reasonable assurance of a raise next year. But, IMHO, incremental increases won’t luff the demand sails.
[2]brian
In not so many words this time, I agree. But it has to be supported by data, not just banks trying to front-run the Fed.
True, Grim. I can’t tell you the details, but have other examples.
A block over from me a $850k CHC (1970′) sold very quicly the spring. Didn’t see the inside, but apparently was in good shape with new master suite bathroom, etc. Then again, There’s a split for $600k which has been sitting since March. That one may be overpriced by $150k. Both on direct line to New Jack City.
Any idiot seller who thinks they are going to unload their mistake at bubble prices and cash out is mistaken.
Touche’! Which is why I just had a new C/A condenser and coil installed, new crown molding throughout my whole downstairs and a few other things here and there. It means that if the fat, lumpy b@stards insist on playing kiddie games, I’ll stay where I am and remain solvent while they eat Spam and cup-a-soup.
10 – Hot dogs and box macaroni and cheese fill me up more.
Do the good properties that sell very quickly close at asking price? Lower? Higher?
Closing over asking is limited to two situations:
1) Intentional underpricing to induce a bidding war – This is Montclair, Glen Ridge, etc, the old Schweppe-Burgdorf beat. I’ve noticed attempts to try this in other areas that have failed miserably. When you see a house raise the asking $50k, this is a case of the bidding war failing to materialize, and the seller getting multiple offers at asking, which they won’t take.
2) High demand for “well priced” properties actually pushing the price higher than anticipated.
In either case you can argue that the true market values are the closing prices, and that anything selling over asking was probably mispriced, intentional or not.
Time to offer is probably the single best indicator of pricing accuracy. We did some trending here a few years back and it’s a pretty strong linear relationship. The longer the property is on the market, the larger the delta between original asking price and closing price.
The current market will not allow an underpriced property, or a property with high perceived value, to sit.
Like I said, today’s buyer is *VERY DIFFERENT* from the bubble days.
1) Information asymmetry has been decimated by data availability – Zillow, Trulia, etc have not only made listing, history, pricing, comp data available, they’ve made it very easy to use. Everyone knows the comp, everyone knows the listings. Agents are no longer in control of information.
2) Buyers are tenured – They’ve been looking a long time, they know the markets, they’ve seen the inventory, they begin to develop an innate sense of price and value, and can very quickly assess the overall value of a property just by walking in the door. Today’s buyers don’t need to be “sold”. You know that old adage about “knowing it when you see it”, it’s very much the truth today.
3) Buyers are savvy and risk averse – Lots of folks out looking today are the same folks that sat out the bubble, whether that was intentional or not, they sat it out, they saw it crash, they have an entirely different perception of the real estate market than the “can’t lose” buyers during the bubble.
anon: I am not familiar with your perspective on the threads, so I am not sure the context of this post. However, while I agree that there is a pattern of dismissing facts that do not agree with the general cynacism of these threads, I will contrast that with the thought that anyone buying right now is not doing so for clear financial reasons. The exceptions being NYC residents whose rent is being jacked through the roof or NYC condo/co-op owners who are trying to arb out of the NYC market.
As a financial planner, I have clients caught in the middle of this market on the front side as move-up buyers and/or NYC relo. It is patent idiocy, and it has reached a fever pitch in the last 6 weeks. I sense that this situation is temporary, but I don’t really know real estate, so that opinion and $2.41 will buy you a cup of coffee.
anon (the good one) says:
May 31, 2013 at 8:07 am
so yesterday after I posted about ppl selling houses at asking in 3 wk period, the rest of the day waz bout a dude who doesn’t want to walk way from oil tank in ground .
then, waz another buyer one is finding damage on house is about to buy.
neither wanna walk away from the deal either!
what does that tell bout the situation of real estate in nj these days? the worse off are the ‘wine taste on a beer budget’ dreamers. them Won’t be able to buy anything in their lifetimes
I wish I was better at using HTML tags. Your last sentence should read, It’s become more and more obvious that much of the crime can be traced back to a few PEOPLE (not properties).
Brian says:
May 31, 2013 at 7:44 am
The solution may not be the right one Joyce but the problem is, some of the people in these rentals require police and ambulance visits more often than people who own and live in their home straining public resources. It’s become more and more obvious that much of the crime can be traced back to a few properties.
It could also be said that decreased economic activity would be a greater force. Higher interest rates would just be salt in the wound if that were the case.
8.Comrade Nom Deplume, Halfwit dumbass says:
May 31, 2013 at 8:33 am
[2]brian
In not so many words this time, I agree. But it has to be supported by data, not just banks trying to front-run the Fed.
#5
Exactly why the real fast eddie must like complaining. If he’s supposedly as flush as he claims, then he could have bought one of the homes that need work, have gone through the construction phase, and moved on with his life already. Instead he shows up here and complains.
If that were the case, the solution would be easy. The trouble is, people are constantly moving in and out of them, as is the case with section 8 rentals and boarding houses, and many of them are not well behaved. Again, it may not be the best solution but I’m just surprised that the Town Council actually acknowledges that there is a problem and are trying to do something.
I’m interested in hearing what you would do to solve the problem rather than attacking the ordinance.
Remember that the core issue is that they are a strain on local resources because there are more police visits, ambulance visits, required inspection visits and code enforcement visits etc. Not to mention the cost of prosecution and housing them in the county lockup (which also happens to be in town).
The desired outcome is a reduced need for the above described services.
16.joyce says:
May 31, 2013 at 9:30 am
I wish I was better at using HTML tags. Your last sentence should read, It’s become more and more obvious that much of the crime can be traced back to a few PEOPLE (not properties).
Brain/Joyce. That ordinance is terrible and probably unlawful. How about having the police arrest the offenders for the crimes they commit that are using up town resources. Let them serve time in the ‘county’ bin. What a small town @ssbackwards solution the poeple of Newton have come up with. I suppose next they’ll come after the parents of kids who abuse or sell drugs and don’t live at home. Or call a spade a spade and just put a sign at the entrance to Newton that says niggers and white trash are not welcome. Cause that’s pretty much what this ordinance is trying to eliminate.
Why doesn’t the town just purchase the property and turn it into a community garden? If the town wants it gone, pay the guy a million bucks, he’ll take it in a snap.
Or call a spade a spade and just put a sign at the entrance to Newton that says niggers and white trash are not welcome. Cause that’s pretty much what this ordinance is trying to eliminate.
On-street parking restrictions are essentially the same thing…
Payroll comparison:
New York Yankees $228,995,945
New York Mets $88,877,033 (of which $24,644,708 belongs to Johan Santana)
Subways series (Mets 4 – Yankees 0)
I still posit that besides the NY Jets, the Yankees are the least successful franchise in professional sports based on payroll. But their dumb fans sure drool over those big names on their roster.
At least MU wins the BPL every other year.
19
It seems to me the problems you describe are a manifestation of other terrible laws passed by the State and Local govts in the past. To which, they (the govt) thinks the only logical course of action is to pass more bad laws.
As libtard said, the only thing you can do is hold responsible those breaking the law. How are the landlords suppose to combat the problem besides refuse to rent to anyone who has a record or anyone on section 8? And even then, it’s not a given. Not to mention they’d be breaking other laws as well as get sued.
“On-street parking restrictions are essentially the same thing…”
Can’t argue with you there.
Look at Montclair, Glen Ridge and Bloomfield. Quite honestly, the only real difference between these three towns are the parking restrictions.
I think it was modeled after laws in Shore towns and college towns. But really, what’s the solution here? They passed the ordinance banning overnight on street parking. I suppose that will help. They also put surveilence cameras downtown and that’s helped solve some crimes. It’s not like the cops aren’t cracking down either….they are.
If you guys have any better ideas I WILL go to the next town council meeting and suggest it.
20.Libtard in the City says:
May 31, 2013 at 10:10 am
Brain/Joyce. That ordinance is terrible and probably unlawful. How about having the police arrest the offenders for the crimes they commit that are using up town resources. Let them serve time in the ‘county’ bin. What a small town @ssbackwards solution the poeple of Newton have come up with. I suppose next they’ll come after the parents of kids who abuse or sell drugs and don’t live at home. Or call a spade a spade and just put a sign at the entrance to Newton that says niggers and white trash are not welcome. Cause that’s pretty much what this ordinance is trying to eliminate.
That would probably be cheaper in the long run.
21.grim says:
May 31, 2013 at 10:10 am
Why doesn’t the town just purchase the property and turn it into a community garden? If the town wants it gone, pay the guy a million bucks, he’ll take it in a snap.
How are the landlords suppose to combat the problem besides refuse to rent to anyone who has a record or anyone on section 8?
They are putting the landlord in a position where the landlord may be forced to discriminate based on age, sex, familial status, educational attainment, race, etc.
I wonder what HUD and the office of Fair Housing would have to say about this…
Having lived in Bloomfield and Montclair, and my wife and her family being from Glen Ridge (in laws still own there), I can assure you there are HUGE differences between those towns besides parking rules
Libtard in the City says:
May 31, 2013 at 10:24 am
“On-street parking restrictions are essentially the same thing…”
Can’t argue with you there.
Look at Montclair, Glen Ridge and Bloomfield. Quite honestly, the only real difference between these three towns are the parking restrictions.
As a landlord you are not required to accept Section 8, as a matter of fact you apply to be able to accept the vouchers. Is not a question of discrimination
http://www.nyc.gov/html/nycha/html/section8/landlord_info.shtml
28 – Maybe the idea is to discourage rentals altogether.
Brian,
The problem is really too late to fix. Through crappy town planning and a lack of zoning regulations, the proliferation of section 8 and rooming houses occurred. There are three blocks in Montclair (yes, highfaluting Montclair) that I would not walk down any time of the day and definitely not at night. It’s been crime-infested for as long as I’ve known (since 1988). It’s all section 8 rentals as well. At least once a month, someone is beat up, robbed and/or killed on one of those three blocks. You would think the cops would build a substation down there. Nah, it’s simply too dangerous even for them. I think it’s a calculated decision to let that area continue to rot and fester as it seems to be contained and not prone to spread. They even used to have one at the infamous Blackawanna Plaza (that’s what everyone called it in college), but they even shut that one down. The true answer Brian is that it’s too late. Bulldoze it or just continue to pay the price, I really doubt gentrification is coming to Newton so the concept of chasing out the landlords in hopes they’ll sell their properties to future homeowners is ludicrous and as I said earlier, probably unlawful.
Carlito,
Does NYC and NJ differ?
“If you guys have any better ideas I WILL go to the next town council meeting and suggest it.”
I gave you two suggestions in the last thread:
1. Wait to see how the Norristown case plays out before Newton ends up defending their ordinance in a civil rights lawsuit with taxpayer money too.
2. Add homeowners to the list of citizens the town can force to move for causing too many disturbances. Of course its legal to single out tenants but not homeowners for the same behavior. LMAO
Here’s another –
3. Move out of Newton if you don’t like the people it attracts.
Lurker…explain to me the differences besides demographics. The taxes are higher in Bloomfield than in Montclair and Glen Ridge. There’s a lot of similar housing stock in Montclair and in Bloomfield as well as similar commercial rateables. Both have colleges. So what’s the difference? I would even guess that the breakdown of rental to non-rental households is similar. Glen Ridge is only similar to those other two in that they don’t allow overnight street parking. Bloomfield suffers the most from corrupt local government. Montclair’s local government isn’t corrupt, just morally stupid.
Wow. Nothing can stop this market. Rising intest rates are now a positive. No income growth, slower GDP..all good signs. Everything based on the expectations of improved economy and consumer. Reaching tops in stocks b/c companies are bare bones and moving jobs overseas. Where is this magical US consumer
nwnj,
Try reasoning with some of these bums. Listing your home at 2008 price is not the sign of rationality. As grim said, sit they will. Late summer may be the wake up.
[17] Brian
Agreed
[28] grim
Exactly. My reaction was that while the ordinance might pass muster, it would create a horrendous amount of collateral effects. Might as well call it the Litigators Full Employment Act.
I find that the majority of Newton and the people that live here are nice and I feel safe walking pretty much any part of town. The town council is just trying to make it as safe as possible and to reduce crime. I’ve seen them to be pro buisiness (thorlabs and dell now operate in town) and some of the council members admit they are landlords themselves. They want to contine to be pro business but this is one of the things holding the town back.
34.Ottoman says:
May 31, 2013 at 10:49 am
“If you guys have any better ideas I WILL go to the next town council meeting and suggest it.”
I gave you two suggestions in the last thread:
1. Wait to see how the Norristown case plays out before Newton ends up defending their ordinance in a civil rights lawsuit with taxpayer money too.
2. Add homeowners to the list of citizens the town can force to move for causing too many disturbances. Of course its legal to single out tenants but not homeowners for the same behavior. LMAO
Here’s another –
3. Move out of Newton if you don’t like the people it attracts.
Brian,
I suppose you approve of profiling if it’s for the better good?
On-street parking restrictions are essentially the same thing…
Not when the transportation is bus, bicycle or Econoline van. I looked at a house in Rutherford once that had a huge basement, the Italian kitchen and about 15 mattresses and cots. I think they owned a few Korean nail salons.
Anon [4];
what does that tell bout the situation of real estate in nj these days? the worse off are the ‘wine taste on a beer budget’ dreamers. them Won’t be able to buy anything in their lifetimes
Yeah, yeah. That’s what Clot said about me for years. I bought in 2012. I can point to at least two comps in my current neighborhood that were bought at the peak for several hundred thousand more than I paid (both up for rent — owners either can’t afford or can’t stomach the hit to sell them.) I’m good with my decision. You (and Clot) are both entitled to your opinion — I believe everyone has the God-given right to be wrong.
I wonder how the young male demographic voted?
http://money.cnn.com/2013/05/14/news/economy/obamacare-premiums/index.html
LA Dodgers
22 Wins-30 Losses
$220,395,196
Libtard in the City says:
May 31, 2013 at 10:22 am
I still posit that besides the NY Jets, the Yankees are the least successful franchise in professional sports based on payroll.
At least you admit GR is different now. But I would still say most things are different, better schools/restaurants/art/culture in Montclair, crime rates/types, all the way down to the general cleanliness of the towns. Both have nice parks. I don’t know about now because I left Essex county after 27 years there (all of childhood and then young adult years), but when I lived there rent and house prices were always higher in 07042 than in 07003. I would be surprised if the values were the same now…
and that other post about 3 streets in Montclair is kinda correct, that place is scary!
Libtard in the City says:
May 31, 2013 at 10:52 am
Lurker…explain to me the differences besides demographics. The taxes are higher in Bloomfield than in Montclair and Glen Ridge. There’s a lot of similar housing stock in Montclair and in Bloomfield as well as similar commercial rateables. Both have colleges. So what’s the difference? I would even guess that the breakdown of rental to non-rental households is similar. Glen Ridge is only similar to those other two in that they don’t allow overnight street parking. Bloomfield suffers the most from corrupt local government. Montclair’s local government isn’t corrupt, just morally stupid.
I dunno Lib, where are you going with this? Profiling happens all the time anyway.
Is designating a community to people 55 yrs old or older profiling? Is banning pedofiles from living within 1000 feet of a school profiling? If you require a large security deposit for a rental are you discriminating against poor people?
If you want to profile drug addicts, criminals, pedofiles, etc., I think it’s tough to argue that would be a bad thing. Criminals come in all sizes, genders, races, and different sexual orientations. They could be homeless, renting, or an owner. Who cares.
Maybe the ordinance isn’t the best solution. I’ll admit that. At least the town council is trying to improve things. They welcome businesses, put up cameras to increase security on Spring Street etc.
40.Libtard in the City says:
May 31, 2013 at 11:17 am
Brian,
I suppose you approve of profiling if it’s for the better good?
Brian,
They put cameras up on Mission Street in Montclair too. It didn’t help. The issue is that the courts and the jails are full. There is one particular drug pusher in Montclair who has been caught three times in under a year selling crack/meth in the drug-free school zone where they built the new 36 million dollar elementary school (yes, near those three blocks I referenced earlier). Everyone keeps asking how he come he’s not in prison. Well, the town’s max sentence is like 6 months (he always is released early), and the county, where the sentences are stiffer don’t want him as the jails are at max capacity. Maybe Newton is going through the same thing?
By the way, there’s talk in Montclair of lowering the speed limits on the main thoroughfares through town since most people drive 50 in those 35s. Lowering the 35s to 25s on roads where people are comfortable driving 50 won’t change a thing. All the town needs is enforcement of the current rules. I expect to see lots more speed bumps and 4-way stops in the near future.
I have had my share of Section 8 tenants. Some are fine, most don’t have cops called on them. But, they ALL have issues. That’s why there on the dole. I also have had regular paying tenants who have had cops called on them often.As long as you don’t live there, you can’t control it.
BTW, it is totally illegal to discriminate against Section 8 applicants. You CANNOT state that you don’t accept them. Big trouble. Federal law. There are other, more benign ways of denying them the rental.
I can see how landlords are offended by the ordinance. But there’s little chance of the people of my town organizing enough people to get state and federal laws and policies changed so that landlords can more easily evict people. Some good landlords might certainly be a casualty in all of this.
nwnj [18],
Duh!!! Why am I bailing out some loser’s sh1thole to the tune of $600,000? Because I can? Just to get some fat f.uck above water? And then pump another 100 grand into the f.ucking joint to alleviate the p1ss smell? No thanks, I’ll pass.
“They want to contine to be pro business but this is one of the things holding the town back.”
Morristown doesn’t seem to have been held back by a huge amount of unruly renters and some still pretty sketchy neighborhoods. I wonder if they ever fixed the problem of illegal renters moving beds in and out during the night, just a few blocks from the million dollar condos and townhouses. I haven’t been to Red Bank lately, but aren’t parts of that town still pretty skanky? Stroudsburg is approximately 80% disgusting but they’ve got a thriving downtown. Nyack’s housing projects are right next to its commercial district. The Highlands law was a gimme to places like Newton, meant to funnel development right into town. Newton should probably spend more effort on marketing rather than blaming poor renters for their problems. Its not their fault Newton can’t capitalize on its architecture and proximity to Lafayette and Milford PA and other country towns.
Curious, if the disturbance happens on the Newton Green, is the town fined and the statue evicted?
“Some good landlords might certainly be a casualty in all of this.”
That’s the problem with the heavy-hand of government. That’s why it should always focus on the individuals, not groups or demographics of people. So yeah, this ordinance is going for the ‘greater good’ argument. Forgive me if I flat out reject that premise.
And you’ve said a few times ‘at least they’re doing something’. Inaction (or reversing previous action) can also be helpful in some scenarious. But of course it is never considered because (1) govt never makes a mistake, and (2) the useless govt bureaucrats must appear busy.
Brian says:
May 31, 2013 at 12:02 pm
I can see how landlords are offended by the ordinance. But there’s little chance of the people of my town organizing enough people to get state and federal laws and policies changed so that landlords can more easily evict people. Some good landlords might certainly be a casualty in all of this.
3rd house on my street sold without a realtor.
50. G’luck with your lobotomy sir.
I’d rather be dead laying in the middle of the 31st Street approach to the Lincoln Tunnel than alive in Indiana.
#50
I don’t know how many times you need this to be explained.
BUY A HOME AT A GOOD PRICE THAT NEEDS WORK AND FIX IT UP. Ask anyone who is following the market and they’ll tell you that they exist. But you’d rather complain day-after-day that the market won’t come and meet you.
[55]
BUY A HOME AT A GOOD PRICE…
Here’s the issue: that home at the “good” price that needs work is gone before most of us even know about. I won’t explain again, it’s been discussed here ad nauseum. What’s left is the obscure addition, zero backyard, 70 foot drop to the left of the house, double yellow and exit 168 as your backyard. Any questions?
What’s a good price? A home sells for 220k in 1993, 330k in 1999, 550k in 2005. Now sellers wants 580k with no updates since 2005. That is 7-8 years of wear tear., not spanking new. I would think $450k at very most but try pitchin.g that to bagholders
All you “talkers” should go out and experience it for yourselves. Don’t take my word for it, give it a try. See what brand of nauseating sh1t they’re trying to force down your throat for greater than a HALF MILLION DOLLARS. Remember, my house was sold in a week… we turned over every rock and kept crossing “wants” off the checklist until we were left with.. (drumroll)… the $600,000 piece of sh1t, unwanted step-child house.
I think I missed some installments.
Fast Eddie …did you decide not to sell/move after all?
scribe,
After apologizing to my buyers week after week and agreeing to contract extensions, I decided to let it terminate. My buyers were a nice young couple and I felt bad but I couldn’t allow someone’s mistake to become mine just to appease them. I believe they found another house but I know the girl wasn’t entirely happy.
She wanted my house… she was excited. She brought her sister a few times and they were thrilled over what they were going to do with the baby’s room and how they were going to cook in the nice roomy kitchen.
I tried but it didn’t work. So, I’m where I am for now and for the foreseeable future. It ’tiss what it ’tiss. If the inventory starts ramping up, then maybe I’ll consider it. If not, I’ll contunue to upgrade and modify what I have and stay put.
(60)
Mr Ed, did you also take our multiple suggestions and go out into the street and start knocking on doors? If you think a deal is coming to you by sitting on your ass, it ain’t gonna happen. Of course, the good deals will be gone before they get to you. That’s how it always was and always will be.
Now get off your butt. Drive to the neighborhood(s) you want to be in. And when you ask, never ask directly if that person wants to sell. Always ask ‘are you aware of any neighbor that wants to sell?’.
You can always play a lower form: Scan obituaries, contact the deceased relatives after grieving time. Sometimes, they just want the money real fast. Especially if they are out of state. It’s a big hassle for them to clean up the mess, figuratively.
(62) I’ll followup with an example. My next door neighbor’s aunt passed away two weeks ago. My neighbor himself is 70 years old, so auntie was in late 80s. No direct survivors but plenty of waiting distant relatives. Neighbor is listing house soon, he’s executor. But with a listing, you have to clean up the house, make it presentable, blah, blah, blah. For a reduced price, he would obviously like to be done with it. Auntie, btw, lived outside Red Bank.
Eddie,
That makes sense to me.
Just returned from a listing appointment in Montvale. 4000 square feet of mid 90’s colonial with no updates, a 3 car garage and unfinished basement on a cul-de-sac. Asking price $1,499,000 by owner. House needs a new driveway and some landscape work. My best guess on value is $925,000 to $950,000. Woman was insulted when I brought up that the neighboring house sold for $1,150,000 in 2007 and is almost 1000 square feet larger.
Grim is right about there being 2 different markets. Price this home at $999,000 and it sells in 30 days or less. Price it where this seller has it and it may not sell in my lifetime!
xolepa,
When I catch my collective breath, I may take a stab at it. :)
Lib, they put “speed humps” in Sparta and rumble strips in Newton. They are torn apart by the plows in the winter and I’m sure the municipal plows have more wear an tear on them too. My favorite is the $80,000 grant Newton was given by the state in order to improve sidewalks and crossings. They embedded the crosswalks with this brick looking concrete stuff that was completely torn apart by the plows on the first winter. Within three years they had to go back to all of them and fill them back in with plain ol asphalt.
“By the way, there’s talk in Montclair of lowering the speed limits on the main thoroughfares through town since most people drive 50 in those 35s. Lowering the 35s to 25s on roads where people are comfortable driving 50 won’t change a thing. All the town needs is enforcement of the current rules. I expect to see lots more speed bumps and 4-way stops in the near future.”
Hey guys I am on the market too.
The market is full of overpriced properties that need some kind of work and some of them do sell. Proof of that is that many listings were from last year. They were taken off the market and listed again this spring with same or higher price and they did sell–mostly early spring. This is especially true for the easy fix houses. They sell fast. Only houses that need serious work sit. Sellers are optimistic. The lower the inventory the greater the chance an overpriced property sells–the old offer/demand.
I am afraid though that this might be the rule than the exception. Is it that the inventory is exceptionally low compare say to 10-15 years ago? Where can I find those numbers for NNJ towns? Or every house requires a fix/update nowadays because owners are cutting corners on the upkeep?
[54] Eddie
One of these days, I’m going to get you bombed, lock you in the back of a van, and take you to Pennsyltucky.
Consumer Confidence Up/Retirement Savings Down
Its easy to be confident when you aren’t planning to be around to clean up the mess.
Why the Boomers Are the Most Hated Generation
Effing locusts.
54. Indiana….not the end of the world, but you can see it from there.
Brian. Get this. Montclair also did the decorative crosswalks. Not only did it cost a bunch, but they did it on county roads which meant they were responsible for the maintenance on it. The following year, the county roads were repaved and the expensive crosswalks were asphalted under.
13- “Time to offer is probably the single best indicator of pricing accuracy. We did some trending here a few years back and it’s a pretty strong linear relationship. The longer the property is on the market, the larger the delta between original asking price and closing price.”
– which is what makes my situation all the more painful to swallow.
chi, care to give a little more info framing this financial lunacy you are seeing? ie, some examples to give me a better idea what your saying…
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